Key Takeaways
- Bitcoin suffered a fresh price decline at the start of a new week toward $86k, as Solana’s price could see further declines.
- Crypto experts and traders hint at a possible market crash if BTC fails to defend its key demand zone at $80k.
- SOL’s technical indicators and price signal short-term bearish weakness, as the price continues to trade in a range with significant uncertainty.
| Solana Market Sentiment | Fear |
| Solana Fear & Greed Index | 20 |
| 7-days Price Action | -7.2% |
| Current Market Position | 7th |
| Current MarketCap | $68.8B |
The crypto market is in so much uncertainty following Bitcoin’s price crash from its all-time highs to a region around $80k, which has led to the market and altcoins lagging behind their price action for weeks, with altcoins facing the potential to trade lower.
Recent price action for altcoins hasn’t been encouraging, leading to speculation that the bull market could be over. Many altcoins currently trade around key demand zones, with the likes of Solana facing a potential market crash toward $100.
The tension of Solana’s price crashing intensifies following potential lawsuits in the US that could affect the crypto asset’s price, as the price has fallen from a region of $250 to a low of $122, and could see further declines towards $100.
The price crash of Solana to a region of $100 and lower could affect altcoins in its ecosystem as the market continues to show signs of volume drop and inactivities in the crypto space in the last few weeks ahead of a potential end of year.
Solana Price Analysis and Expectations
The price of SOL has struggled in the past few months as the price maintains a downtrend following market uncertainties and Bitcoin crashing to a monthly low, indicating market sentiment has dropped significantly.
This has seen the SOL price drop towards $120 over the last few days, and it could decline further towards $100, acting as a key demand zone for the Solana price. If SOL fails to reclaim $150, we could see further decline.
Overall, the crypto asset’s market price action hasn’t been encouraging, as the market struggles to show bullish price action to the upside.
FAQs
Is Solana a good investment?
Following recent price action, the price of SOL in the short-term looks bearish, but its ecosystem continues to see an increase in activities.
Will SOL go back up?
The price of SOL crashing to its yearly low of $100 has raised concerns among crypto traders who are not convinced of the price action as price continues to trade in a range.
Why did Bitcoin crash now?
The crypto market crashed due to market uncertainties and a shift in sentiment from bullish to bearish, as BTC trades with extreme caution.
Is BTC expected to rise or fall?
The price of Bitcoin is attempting to rebound from its key support zone of $80k for weeks, as it aims for a short-term price gain towards $107k despite market uncertainties.
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